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Manager of Medibank Pet Insurance, Nathan Crothers said, pets can be popular presents to give and receive at Christmas - and they really are the gift that keeps on giving well after December 25.

"It is important Australians ensure they have pet insurance to care for their four-legged loved ones," Mr Crothers said.

The most common ailments cats and dogs are diagnosed with at this time of year are skin conditions, arthritis, torn ligaments and ear infections, which can be costly.

Medibank's top three tips for choosing the right pet insurance policy for you and your pet:

1. The earlier the better - take out a policy as soon as possible. At 8 weeks (the earliest owners can take their new pet home), they won't have any pre-existing conditions that could restrict your cover and you also won't have to provide vet history.

2. Choose the right cover - with options from accident cover to accident, illness and routine care, it's important to choose for the cover the best suits your needs.

3. Capitalise on discounts you're entitled to - the price of pet insurance can vary depending on the cover you choose, your pets breed and age.